Princeton Bancorp Q2 net income swings to USD 7.1 million from profit of USD 688,000 year earlier - BPRN News | RalliesPrinceton Bancorp Q2 net income swings to USD 7.1 million from profit of USD 688,000 year earlier
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BPRN• Quarterly results and balance sheet highlights
- Princeton Bancorp posted Q2 net income of $7.1 million, or $1.04 a share, swinging from $688,000, or $0.10 a share, a year earlier.
- Net interest income rose $1.2 million year over year, while interest expense fell $2.3 million to $11.6 million.
- Provision for credit losses swung to a $353,000 reversal from a year-earlier provision, lifting the quarter’s bottom line.
- Total assets slipped 1.49% to $2.25 billion at June 30, while loans fell 2.47% to $1.77 billion and deposits declined 2.05%.
- Non-performing assets held near $16.3 million, while uninsured deposits totaled about $666 million; there were no outstanding borrowings.
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